Edward Snowden says he feels ‘itch to scale back in’ to $16.5K Bitcoin

Bitcoin (BTC) returned to $16,500 on the Nov. 14 Wall Road open as bulls tried and failed to interrupt greater.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Snowden hints BTC value echoes March 2020

Knowledge from Cointelegraph Markets Pro and TradingView confirmed BTC/USD ranging under $17,000 on the day after a dismal weekly shut.

The most important cryptocurrency had failed to indicate convincing indicators of restoration after losing more than 25% the week prior because of the debacle around exchange FTX.

That debacle was ongoing on the time of writing, with revelations fanning out to include other firms with significant exposure to the defunct exchange.

With little light at the end of the tunnel visible, BTC price action remained unsurprisingly weak.

“Markets consolidating,” Michaël van de Poppe, founder and CEO of trading platform Eight, summarized.

“Would assume we’d be at $10K truly, after the horrible information we’ve obtained previous weeks.”

Dealer and analyst Rekt Capital, in the meantime, warned of support-resistance flips within the making because of the weekly shut, Bitcoin’s lowest in two years.

“These are BTC Month-to-month ranges proven on the Weekly timeframe,” he tweeted alongside a chart of vital focal ranges.

“From this chart, we will see that $BTC has carried out a brand new Weekly Shut under the Month-to-month stage of ~$17300. Preliminary indicators of this stage flipping into new resistance this week.”

BTC/USD annotated chart. Supply: Rekt Capital/Twitter

Different posts on the day warned of the potential for “extra draw back wicking” on BTC/USD whereas noting that traditionally, prior bear markets had been nonetheless worse by way of the pair’s descent from cycle highs.

An attention-grabbing counterpoint got here from Edward Snowden. In a tweet of his personal, he signaled that he can be a BTC purchaser at present ranges, a sentiment he final publicly posted after the March 2020 COVID-19 cross-market crash.

“There’s nonetheless quite a lot of hassle forward, however for the primary time shortly I’m beginning to really feel the itch to reduce in,” he said.

A second tweet stressed that the earlier one was “not monetary recommendation.”

The greenback offers a “good” path to BTC upside

Shares supplied little respite to crypto bulls on the day, with the S&P 500 and Nasdaq Composite Index down 0.3% and 0.8%, respectively, through the first hour.

Associated: Elon Musk says BTC ‘will make it’ — 5 things to know in Bitcoin this week

The U.S. greenback index (DXY) continued consolidation of its personal whereas refusing so as to add to the prior weeks’ significant retracement.

Popular trading account Game of Trades noted that the every day chart’s relative energy index (RSI) for the DXY had set a brand new document low for 2022.

U.S. greenback index (DXY) annotated chart. Supply: Recreation of Trades/Twitter

“SPX is exhibiting energy and DXY is crashing,” a hopeful Bloodgood, one other well-known Twitter dealer, wrote in a part of a contemporary replace on the day.

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“Excellent scenario to see some upside.”

BTC/USD annotated chart. Supply: Bloodgood/Twitter

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